H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars

Reserves of depository institutions

Vault cash(5)

Date

total(2)

nonborrowed base(3)

required

Monetary base(3)

Reserve balances with F.R. Banks(4)

total

used to satisfy required reserves(6

surplus(7)

Net carryover of reserve balances(8)

Month(9)

2003-Apr.

41177

41147

39634

709103

10600

41894

30577

11317

May

41786

41731

40165

712768

11414

41548

30372

11176

June

41864

41703

40002

714370

11307

41917

30557

11360

July

43594

43464

41659

717039

12180

42642

31414

11228

Aug.

46105

45777

42338

720544

14142

43008

31963

11045

Sep.

44431

44250

42915

720729

12485

43063

31946

11117

Oct.

43207

43100

41658

724472

11672

43318

31535

11783

Nov.

42667

42599

41105

729499

11531

42608

31137

11472

Dec.

42944

42898

41286

737623

10860

44077

32084

11993

2004-Jan.

45433

45327

43908

736233

11560

46572

33874

12698

Feb.

43829

43788

41994

734852

10864

46426

32966

13461

Mar.

44064

44013

42241

736258

11942

44381

32122

12259

Apr. p

45970

45884

44209

740006

14005

42842

31964

10877

2 weeks ending(10)

2004-Mar. 17

42687

42636

40696

735085

11846

43669

30841

12828

197

31

45292

45237

43603

737867

11980

45112

33312

11800

109

Apr. 14

43233

43154

41311

739531

12097

42793

31137

11657

138

28

48902

48811

47268

740644

16022

42959

32880

10079

205

May 12p

44600

44501

43082

738866

13248

42359

31352

11007

168

1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. 9. Prorated averages of biweekly averages.10. Averages of daily figures. p preliminary

1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 5. Prorated averages of biweekly averages. 6. Averages of daily figures. p preliminary

Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.